In real estate, there are plenty of ways to use sports analogies to help yourself succeed. Today, the best offense is a a good defense! If you haven't read my blog, “Baseball For Real Estate – Where do you start”, click here first.
Now, why do hitters get paid less than pitchers? If you listen to sports at all, you know Cliff Lee signed with the Phillie's today, instead of the Texas Rangers or the New York Yankees. Have you thought about why? Look at their pitching staff! Look at the fact it's an NL team, and he gets to hit, and pitch against other pitchers! If I was a pitcher, I think I would want to be on that team too! Yes, $24 million a year for five years didn't hurt either.
In real estate, it isn't always how much you make on a house (or on ten houses) as it is how much of that money you keep. This is the defense part. You have to know and understand forms, contracts, legal entities, and state regulations. You must be a pro at monitoring your monthly cash commitments to keep from creating a monster that will swallow your wealth.
I have seen some of the smartest, knowledgeable, and promising investors absolutely tank after unmeasurable success. A lot of it is greed. Taking on too much. Buying houses that are more expensive, or need more rehab. These are all formulas for disasters. I will leave you with this.
In the words of my great friend and mentor, Bobby Roan, “Boy, stick with what you know”. If you are learning real estate, I hope you educate yourself, and keep your defenses up. Blind faith, and over-zealousness can be a killer in this business.
I hope to see you all at the Find and Assign Workshop on Thursday!
Like I say, That's The Way I See It!
See you online!